IE Business Daily Business news for the Inland Empire.
An Irving-Texas-based multifamily developer will build an 852-unit apartment complex in Murrieta.
JPI has purchased a vacant 31.7-acre parcel at Jefferson Avenue and Murrieta Hot Springs Road for $38 million and will break ground on the project late this year or in early 2024, according to a statement released Oct. 25.
The seller was The Hoffman Co., a land brokerage company in Irvine.
The four-story downtown complex will be built in two phases. It was approved unanimously by the planning commission in July.
When completed, the still-to-be-named project will have 329 one-bedroom units, 485 two-bedroom units, and 38 three-bedroom units. It will be near several well-known retailers, including Starbucks Jersey Mike’s, Walmart, Home Depot, Lowe’s, and Kohl’s.
“There is significant opportunity in Murrieta, and we’re thrilled to bring much-needed housing to this growing market,” said Sunti Kumjim, JPI’s senior vice president and regional development partner, in the statement.
